OPEC

Source: Reuters

Column: Refining margins mired between OPEC+ and recession – Kemp

Reuters


LONDON  – Global crude exporters and refiners are locked in a stand-off, as OPEC+ tries to drain excess crude stocks and lift prices and refiners face falling fuel consumption and shrinking margins.

These drops are most evident in the …

Source: CNBC

OPEC+ is facing a ‘very delicate, fragile balancing act’ in the oil market, strategist says

CNBC


OPEC  and its allies need to find a balance between supporting oil prices and keeping U.S. crude production at bay, a strategist told CNBC this week as the oil-producing group starts to roll back supply cuts.

The alliance’s historic …

More OPEC+ oil production from August and Covid-19 second wave to create a 4-month supply glut

More OPEC+ oil production from August and Covid-19 second wave to create a 4-month supply glut

Oil&Gas


June was a month when global stocks saw some relief of 2.2 million barrels per day (bpd) of implied oil inventory draws

The upcoming partial return of curtailed OPEC+ oil production from August is set to create a new …

July 29, 2020 - 8:00 am Crude Oil News, Economy, International, OPEC
Source: Reuters

Oil refiners and OPEC+ walk a tightrope as pandemic lingers: Kemp

Reuters


LONDON  – High-frequency data from the United States has provided the first convincing indication of global oil market rebalancing, but it also underscore the market’s vulnerability to a COVID-19 resurgence and new lockdowns.

Total stocks of crude and refined …

July 16, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Global recovery unlikely to be v-shaped, says Shell chief

Reuters


LONDON  – The global economy will not achieve a v-shaped recovery after the coronavirus epidemic, which will curtail oil and gas demand for years, Royal Dutch Shell’s (RDSa.L) chief executive said.

Ben van Beurden told an online …

July 16, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Exclusive: OPEC fears second virus wave to prolong oil inventory overhang

Reuters


LONDON – OPEC fears its record oil cuts will fail to rebalance the market and solve the worst glut in history if a second wave of the COVID-19 pandemic undermines an economic recovery later this year, according to internal …

Source: Reuters

Oil prices ease after OPEC+ agrees to ease output curbs

Reuters


LONDON – Oil prices fell on Thursday after OPEC and other producers including Russia agreed to ease record supply curbs from August, though the drop was cushioned by tightening global inventories as economic activity picks up.

Brent crude fell …

July 16, 2020 - 10:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: CNBC

OPEC faces ‘worst of both worlds’ with oil prices in limbo ahead of committee meeting

CNBC


OPEC is facing “the worst of both worlds” with the current oil market demand outlook, S&P Global Platts’ head of EMEA news said Wednesday ahead of the group’s Joint Ministerial Monitoring Committee (JMMC), where it will announce recommendations for …

Source: Reuters

OPEC sees oil demand soaring in 2021 but still below 2019

Reuters


LONDON – Global oil demand will soar by a record 7 million barrels per day (bpd) in 2021 as the global economy recovers from the coronavirus crisis but will remain below 2019 levels, OPEC said in its monthly report.…

OPEC launches its 2020 Annual Statistical Bulletin

OPEC launches its 2020 Annual Statistical Bulletin

360 Feedwire


The OPEC Secretariat today launched the 55th edition of one of its flagship publications, the Annual Statistical Bulletin (ASB), via videoconference and livestream on the OPEC website (www.opec.org).

The launch was attended by Mohammad Sanusi Barkindo, OPEC Secretary …

Source: Reuters

OPEC chief sees oil market moving closer to balance before key meeting

Reuters


LONDON/DUBAI – The oil market is getting closer to balance as demand gradually rises, OPEC’s secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August.

The …

July 13, 2020 - 10:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
OPEC, allies set to ease oil cuts, seeing pandemic recovery – Fox Business Video

OPEC, allies set to ease oil cuts, seeing pandemic recovery – Fox Business Video

Fox Business


Oil & Gas Publishers Note: Key Point: “If OPEC clings to restraining production to keep up prices, I think it’s suicidal,” said a person familiar with the Saudis’s thinking. “There’s going to be a scramble for market share,

Saudi Aramco CEO Amin Nasser said that "the worst is behind us" for oil markets, in a recorded interview at CERAWeek.

Saudi Aramco CEO says the ‘worst is behind us’ for oil markets

Oil & Gas


Amin Nasser is optimistic about the second half of the year, and credited IKTVA and previous attacks on Aramco helped it build resilience before the pandemic

Saudi Aramco CEO Amin Nasser said that “the worst is behind …

Source: Reuters

OPEC oil output sinks as Saudi deepens cuts and others cut more, survey shows

Reuters


LONDON  – OPEC oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a Reuters survey found, pushing group compliance in a supply reduction pact above 100% despite …

OPEC fund approved $243 million to support developing countries

OPEC fund approved $243 million to support developing countries

Oil&Gas


$163 million will go to the public sector, and $80 million to private sector operations

The OPEC Fund for International Development (OFID) approved $243 million in funding to support developing countries across the globe. It also noted that it …

June 29, 2020 - 7:00 am Corporate Social Responsibility, OPEC
Oil recovery may gather pace in H2, says Opec chief

Oil recovery may gather pace in H2, says Opec chief

TradeArabia News Service -ABU DHABI,

Oil and gas markets recovery is likely to gather pace in the second half of the year as countries further ease lockdown restrictions and demand rises, said Opec Secretary General Mohammad Sanusi Barkindo, expressing cautious
June 25, 2020 - 3:00 pm Closing Bell Story‎, Crude Oil News, International, OPEC
Source: Reuters

Oil tops $42 as OPEC+ laggards pledge better compliance

Reuters


LONDON – Brent oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and on signs of demand, hit by the coronavirus crisis, …

Breakeven crude oil prices are one metric of the economic constraints facing OPEC+ members

Breakeven crude oil prices are one metric of the economic constraints facing OPEC+ members

EIA


Oil & Gas 360 Publishers Note: To help understand the OPEC + members, take a look at the breakeven crude oil prices. Breakeven is is the fiscal breakeven, the minimum price that a country needs to receive per barrel

Source: Reuters

OPEC sees gradual oil demand recovery, makes 84% of cuts in May

Reuters


LONDON – OPEC forecast on Wednesday a gradual recovery in global demand for oil, which has been hammered by the coronavirus crisis, and said record supply cuts by producers were already helping to rebalance the market.

In a monthly …

Source:Reuters

Oil falls on fears of more COVID-19 cases

Reuters


LONDON – Oil prices fell on Wednesday on fears about fresh outbreaks of COVID-19 but prices drew some support from stimulus measures and positive tests of a drug that could save some critically ill patients.

Brent crude LCOc1 was …

Source: Reuters

Iraq lowers oil exports, gets closer to OPEC+ target: sources

Reuters


LONDON – Iraq’s oil exports have fallen by 8% or 300,000 barrels per day (bpd) so far in June, according to shipping data and industry sources, suggesting OPEC’s second-largest producer is getting closer to meeting its pledge in an …

Saudi Aramco completes SABIC acquisition

Saudi Aramco completes SABIC acquisition

Oil & Gas 


The national oil company purchased 2.1 billion shares of SABIC

Saudi Aramco has completed its acquisition of Saudi chemicals giant SABIC, Reuters reported. The national oil company purchased 2.1 billion shares (70%) of SABIC on Sunday,

Source: Reuters

Oil prices up 4% on supply cuts, improving demand

Reuters


LONDON – Oil prices jumped around 4% on Tuesday after the International Energy Agency (IEA) increased its oil demand forecast for 2020 and as record supply cuts provided support.

Brent crude LCOc1 prices were up $1.62, or 4.08%, to …

Source: Reuters

Oil prices rise on optimism around OPEC+ output pact

Reuters


NEW YORK  – Oil prices rose on Monday as signs fuel demand was recovering while OPEC+ members were complying with a production cut deal outweighed fears that new coronavirus infections could further slow the global economy.

U.S. West Texas …

Source: Reuters

OPEC+ panel meeting next week will advise on policy, not decide: sources

Reuters


LONDON/MOSCOW – An OPEC-led panel meeting to review the oil market next week will advise the wider OPEC+ group cooperating on a record supply cut, five OPEC+ sources said, meaning further talks would be needed on whether to extend …

Source: CNBC

OPEC+ mostly met its cutting targets in May, but future compliance — and its enforcement — looks uncertain

CNBC


The 23 member states of OPEC+, comprised of OPEC and ten of its oil-producing allies, for the most part delivered on record production cuts agreed to by the alliance through the month of May, a new report shows.

“OPEC’s …

Differential Price Recovery: How Regional Forces Are Bringing Benchmark Prices Back Towards Equilibrium

Differential Price Recovery: How Regional Forces Are Bringing Benchmark Prices Back Towards Equilibrium

RarePetro


Oil & Gas Publishers Note: Another great industry insight article from Kevin Olson at RarePetro. 

Abstract

Financial markets attempted to buoy benchmark prices as oil and gas markets became volatile in Q1 2020. This created a disconnect in the …

Source: CNBC

The Saudi-Russia oil price war was a ‘very big mistake,’ Qatar energy minister says

CNBC


Qatar’s Minister of State for Energy Affairs shared his thoughts on some of the major oil producers’ market moves in recent months, shedding disapproval on the March decision by Saudi Arabia and Russia to launch into a price war, …

Source: Reuters

Oil dips on oversupply concerns and stronger dollar

Reuters


LONDON  – Oil prices fell on Tuesday, weighed down by a stronger dollar and oversupply concerns after it was announced that a trio of Gulf producers would end voluntary output cuts.

Brent crude was down 52 cents, or 1.3%, …

Source: CNBC

Brent crude will need to work through oversupply issues despite the OPEC+ output cut, says analyst

CNBC


Brent crude needs to work through its oversupply issues before it can punch through its current price range of between $40 and $50 per barrel, according to Thom Payne, director at Westwood Global Energy Group.

That’s despite the latest …